How can I get rid of timeshare property fast? Is the foreclosure damage the same as on a house?
Dec 15, 2009 in
Financial and Loan Tips
Mikey4u
I’m in danger of going into foreclosure on some timeshare property in Florida. Will the credit damage be just as bad as losing a house?
I’m in danger of going into foreclosure on some timeshare property in Florida. Will the credit damage be just as bad as losing a house?
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One comment
valstpatrick on December 15, 2009 at 8:23 pm
Depends on how the timeshare was sold to you – it could just be an account on your credit that will show delinquent and maybe repossession. Since you only own a portion of the property not the property itself it will not be a foreclosure.
You may see collection activity and this will DAMAGE your credit rating. Try to unload it – then negotiate with the creditor to take a settlement if you are upside down.
Good Luck,